Dahlan Iskan’s Commentary, Here’s the Severe Financial Condition of BUMN Karya: Okezone Economy

JAKARTA – Former Minister of State Owned Enterprises (BUMN) Dahlan Iskan highlighted a number of companies in the construction sector (BUMN Karya). This is because the 2020 BUMN Karya financial report has fallen.

According to Dahlan, project management requires a large amount of capital. This source of funding can only be obtained through third parties, one of which is through banking.

Also read: BUMN Karya Losses Due to Unsuitable Assignments

Bank funds are the breath of the construction business. However, as strong as a bank can be, he remains subject to the banking mechanism. This means that there is a limit to the amount of credit in one group of companies.

But what about BUMN Karya’s financial performance? What is the ‘bloodiest’ company during this pandemic?

Quoting data from Okezone, Jakarta, Tuesday (6/4/2021), the following is the 2020 financial report for 4 BUMN Karya that experienced a fall:

Also read: BUMN Karya Merugi, Dahlan Iskan: Funding Sources Are Stagnant

1. PT PP Tbk (PTPP)

PT PP (Persero) Tbk (PTPP) recorded a decline in profit throughout 2020. In the fourth quarter of 2020, the company recorded a net profit of IDR 128.75 billion or 84.28% lower compared to 2019 of IDR 819.46 billion.

The Company’s revenue in the fourth quarter of 2020 was recorded at IDR 15.83 trillion, down 32.84% from the previous year of IDR 23.57 trillion. Meanwhile, basic earnings per share is IDR 21.

2. PT Wijaya Karya Tbk (WIKA)

WIKA’s profit fell 91.87% in 2020. Where, WIKA only made a profit of IDR 128.7 billion compared to the previous year which was IDR 819.49 billion.

Revenue also decreased to Rp. 16.54 trillion in 2020. This amount decreased by 39% compared to the same period in the previous year of Rp. 27.21 trillion.

3. PT Adhi Karya Tbk (ADHI)

PT Adhi Karya Tbk (ADHI) recorded sluggish financial performance in 2020. One of Karya’s State-Owned Enterprises (BUMN) recorded a profit attributable to the owner of the parent entity of IDR 23.98 billion.

This profit decreased by IDR 639.83 billion or 96.39% compared to 2019. As is known, the company recorded a profit of IDR 663.81 billion in 2019.

The decline in profit can also be seen from the 2020 operating income of IDR 10.83 trillion. Where it decreased by 29.26% compared to 2019 which amounted to IDR 15.31 trillion.

4. PT Waskita Karya Tbk (WSKT)

PT Waskita Karya (Persero) Tbk. Waskita suffered a loss of up to IDR 7.3 trillion. In fact, in 2019 the company was able to pocket a net profit of IDR 938 billion.

the company also recorded a loss per share of up to Rp543.58 per share. Meanwhile, in 2019 it still recorded earnings per share of IDR 69.11.

Operating income also fell 48% to Rp16.19 trillion. Where, in 2019 it was IDR 31.39 trillion.

Total assets decreased by 13.87% to Rp105.59 trillion. Meanwhile, in 2019, the company recorded total assets of IDR 122.59 trillion.

Total liabilities also decreased, from Rp. 93.57 trillion in 2019 to Rp. 89.01 trillion in 2020. Meanwhile, equity in 2020 amounted to Rp. 16.58 trillion, a decrease compared to the previous period which amounted to Rp. 29.12 trillion.

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